At least 20 percent of the EU development budget for 2014-2020 will be spent on climate-related projects and policies, European Commission President Jose Manuel Durao Barroso said on Tuesday.
That means the bloc could spend up to €180 billion in programs to fight climate change over the next seven years, a week after the European Parliament reached a deal on the new Multi-annual Financial Framework.
“Climate change is the single most pressing global issue today,” Barroso noted during his speech at the European Development Days in Brussels.
The budget for the next financial cycle allows the EU to invest up to €960 billion in development-related activities up to 2020.
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